Azerbaijani TuranBank starts placement of shares
Azerbaijan, Baku, March 28 / Trend /
Placement of OJSC TuranBank's ordinary registered book entry shares in the Baku Stock Exchange with issue volume of 10 million manat starts on April 1, the BSE reported on Thursday.
The quantity of shares within the issue totals 9243 at par value of 1,082 manat. Çelsi Kapital LLC acts as underwriter of the placement.
'The bank applied to the CJSC Baku Stock Exchange (BSE) for inclusion of its ordinary registered book entry shares to the non-quotation list of BSE', the statement said.
As a result of the placement, the bank's authorized capital will increase to 40 million manat. Under the new requirement set by the Central Bank of Azerbaijan, the minimum aggregate capital should total 50 million manat as of January 1, 2014.
TuranBank was established in 1992 and operates under license number 115 of the National Bank of Azerbaijan. The bank has 25 shareholders, of which five are legal entities (21.8 percent) and 20 - individuals (78.2 percent).
The official exchange rate on March 28 is 0.7848 AZN / USD.